BitMEX CTO: A Botnet Attack Caused the Service Downtime During Crypto Market Crash

BitMEX exchange, has revealed what caused a downtime in their network last week amid the crypto market bear run. The company’s CTO, Samuel Reed, updated stakeholders via his twitter handle noting that a botnet had compromised the system;

The tweet was a response to an earlier post by BitMEX founder, Arthur Hayes, who had acknowledged concerns by users. Hayes highlighted that they are working to address the questions in a transparent manner over the coming days.

The BitMEX Botnet Attack

According to Reed, this botnet had made similar attempts on BitMEX’s ecosystem back in February. However, it was not successful given the exchange deployed its DDoS mitigation approach that have been effective for L3 & L4 attacks.

The attackers appear to have resurfaced on March 13th and their impact was felt this time coinciding with the market slump. Reed pointed out that the botnet compromised BitMEX through an end point that was consistently, reliably slow. This slow query was however identified after the second attack and has since been fixed as per the twitter thread;

“We're making systemic changes on our backend to ensure this can't happen again, and re-reviewing older systems to simplify, de-couple, isolate, and improve performance.”

On the brighter side, some crypto analysts have said that BitMEX’s operational halt prevented BTC from dipping further down to historic lows. BitMEX had earlier on attributed its network malfunction to hardware issues by one of its cloud providers but this position has gradually changed. Reed, the firm’s CTO, mentioned that they will continue to document any technical advances made within this area.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Edwin Munyui
Edwin Munyui
Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,436FansLike
2,797FollowersFollow
4,190FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Compound Roadmap to Full Decentralization to Begin with Issuance of COMP to Their Community

Compound will now issue COMP tokens to the users of their protocol in a bid to achieve full decentralization. They have released an...

Crypto Payment Processor BitPay Sees More Use in Stablecoins than Layer-2 Solutions

Rising fees on the Bitcoin blockchain after the halving will not set BitPay, a crypto payments startup, into using layer 2 payment channels...

Digital Dollar Foundation Releases Its First Whitepaper Urging The US Govt To Explore CBDC's

Christopher Giancarlo’s Digital Dollar Foundation releases its first white paper on the digital dollar. The projects aims at implementing a private-public partnership with...

Ethereum is Close to Being Flipped on its Own Blockchain As the Total Value Stored Is Shifting

The Ethereum network has been seeing a lot of activity in 2020. The price of Ether already seems to lead the altcoins rally, currently trading...

Coinbase, Who Controls Over 11% of Tezos, Rolls Out XTZ Staking in the UK, France, Spain, and the Netherlands

Over 6 months back, Coinbase launched Tezos staking for its US customers and now they are rolling this feature out for its users in...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today